Preparations are underway to launch a batch of new laws in a bid to improve and modernize the current legislative system and further enhance the business environment in line with the UAE strategic vision for 2010, maintained Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, in his keynote address at the Dubai Chamber of Commerce ‘&’ Industry Networking Suhoor held on Sunday at Mina Salam hotel in Dubai.
The Ministry of Economy is laying the final touches on Competition Law, Companies Law, Auditors Law, Foreign Investment Law, Industry and Industry Ownership Laws, Certificate of Origin Law, Anti-Fraud Law and the draft of the Arbitration Law. We believe that the new regulations will help us address concerns regarding commercial regulations and arbitration, and promote efficiency, transparency, and investor confidence in the business sector,” said the Minister of Economy.
“Dubai Chamber continues to play a pivotal role in making sure that the new laws will address the needs of our business community. All these Laws being drafted encompass lessons from the past, realities of the present, and goals for the future. The visionary leadership of the UAE has continued to invest in this country’s social and economic infrastructure even through the most difficult period for its economy”, he added.
Going into the specifics of the new laws, Al Mansouri said the Competition Law has been finalised by the Ministerial Legal Committee and will now be sent to the Cabinet. The Law will encourage competition and curb monopoly practices in-line with the recommendations of the World Trade Organization during its last review of the trade policy regime of the UAE while the new Companies Law will make it mandatory for companies in the UAE to put a general corporate governance framework to ensure protection for shareholder’s rights, transparency, and disclosure.
The event, which is part of the Dubai Chamber’s commitment to represent, support and protect the interests of the business community in Dubai highlighted the Chamber’s efforts in strengthening the channels of communication between the public and private sectors and to enhance the economic development of the Emirate.
The Suhoor gathering was attended by Abdul Rahman Saif Al Ghurair, Chairman, Majed Al Shamsi, 1st Vice Chairman, Hisham Al Shirawi, 2nd Vice Chairman, Eng Hamad Buamim, Director General, Dubai Chamber; Council Generals, Councilors, heads of business groups, a host of VIP guests representing the business community in Dubai and members of the local media.
Acknowledging the role of Dubai Chamber in representing the business community of Dubai, HE Sultan Bin Saeed Al Mansouri informed that the UAE has now created the perfect platform for a more solid and sustainable growth.
“We look to the private sector to make use of this opportunity and carry this country forward on the path of its development. From finance and real-estate, to education and healthcare, the UAE has an unmatched infrastructure and opportunities. You are most welcome to explore and develop as many of you have done in the past. Together, we can make this journey into the future a fruitful one,” he said.
Al Mansouri pointed out that the global financial crisis has brought into focus the investment opportunities available in small and medium enterprises. “The way the small and medium enterprises (SMEs) weathered the global economic crisis has been an eye-opener for countries around the world. The UAE has already come a long way in tapping the potentials of this sector to build on our first-mover advantage in SMEs,” said Al Mansouri.
He added, “It is the inherent strength of our economy, and a firm resolve, as well as quick action by the government that kept us going, even when leading economies in the world couldn’t withstand the crisis. The UAE was one of the first governments in the world that reassured investors and businesses by securing deposits, propping up the banking sector with enough liquidity, and initiating steps to fill gaps in the legal and regulatory framework of the country.” Citing the recent cooperation with South Korea, which is one of the strongest SME sectors in the world, Al Mansouri added, “One of the fundamental requirements to promoting investment and investor confidence in SMEs is to clearly define this business sector. The Ministry of Economy is currently co-ordinating with its partner agencies to reach a broadly applicable definition for SMEs. This will clearly enable the SME sector to leverage its strengths and acquire necessary legal guarantees and financial support.” He said the UAE has traditionally been known for nurturing entrepreneurial spirit and growing start-ups into world-leading businesses. A liberal tax regime, a robust banking sector, and dedicated free trade zones, among many others, have ensured that entrepreneurs benefit in terms of policies and infrastructure.
He further stressed that the UAE is currently the Arab World’s second leading destination for foreign capital and its total FDIs stood at $69bn in June of this year.
During his welcome speech, Buamim informed the gathering that the export figures of recent times and sectoral performances are best indicators to sum up the trend that shows encouraging figures from our members’ export and re-export activities. Dubai’s non-oil trade soared 18% in the first half of the year which valued at Dhs279bn compared to Dhs237bn over the same period last year, he said.
Reaffirming Dubai’s status of a sound investment destination in the region Buamim cited the example of the number of passengers travelling through Dubai International Airport, which clocked a record of 4 million passengers in July while the hotel occupancy stood at 80% in June, the timely launch of the Dubai World Central’s Al Maktoum International Airport’s cargo hub, the fast expanding Dubai Metro and other infrastructure spending by the Government which he said will generate further opportunities for businesses and investors alike.
Added Buamim, “This annual event provides us with yet another networking opportunity to catch-on and buildup our trade relations and work towards the future as a strong Dubai business community and to set an example in promoting Dubai as an international business hub.” Buamim also stressed that it’s the Chamber’s top priority in strengthening the partnership between the public and private sectors but cautioned the business community on its overdependence on the Government and to work together for economic recovery as well as to promote Dubai as a global trade, logistics and tourism centre.
